Absa has entered into a vehicle finance alliance agreement with BAIC SA, the local subsidiary of the Beijing Automotive Group Co, as the vehicle manufacturing firm expands its operations in the region.
BAIC SA launched in South Africa in 2016 and has made structural investments in our country, including a state-of-the-art manufacturing and assembly plant in the Coega Industrial Development Zone, near Gqeberha.
For Absa, the alliance represents an opportunity to boost its share of financed vehicles sold in the country as the popularity of affordable luxury brands continues to grow among South Africans. BAIC’s luxury category vehicle Beijing X55, launched locally on 15 November 2022, is a finalist in the South African Guild of Mobility Journalists’ 2023 ‘SA Car of the Year’ award.
The successful launch of its vehicle models, together with a dealer network of 29, has laid a solid foundation for BAIC SA’s expansion.
“We are honoured to partner with an automotive player that has invested in the growth of our continent and has aligned with our values as a purpose-led pan-African bank. We look forward to leveraging off each other’s strengths to drive greater competition in the market and to deliver better value for our customers,” says Charl Potgieter, Managing Executive: Absa Vehicle and Asset Finance.
As a full-value bank, Absa will partner with the automotive manufacturer to offer comprehensive financing options to help fuel BAIC SA’s growth in operations and offer attractive credit solutions to customers. Both BAIC and Absa will stay close to customers and our industry – dealer partners, vehicle importers and manufacturers – to deliver value for the industry.
“There is an increase in the sale of China’s automotive brands in our market, and this is also the case with BAIC-manufactured vehicles, as it prepares to take on competitors locally,” Charl says.
“South African consumers have come to appreciate the growing trend in affordable luxury-branded vehicles and expect more “bang for their buck” when buying a new or used vehicle during these tough economic times. This alliance answers the call from the South African consumer on many levels.”
With three models available locally, BAIC SA has many opportunities to diversify its offering throughout the value chain. Groupwide, Absa is committed to offering BAIC various services that will allow each entity to reach our growth ambitions.
Stellantis and Bolt have announced a partnership to jointly explore the development and deployment of Level 4 autonomous vehicles for commercial operations across Europe, marking a significant step to bring driverless mobility to the continent's streets.
Geely Auto South Africa is preparing to take its rightful place in the local automotive market, with 33 dealerships already operating within a month after the Chinese auto giant’s return to the country.
Zweli Sibiya, Dealer Principal of Hyundai Benoni, is a man who rose from humble beginnings to lead one of the top-performing dealerships.
Advertisement
Advertisement
I have bad reflexes. I was once run over by a car being pushed by two guys
Woody Allen
Stellantis and Bolt have announced a partnership to jointly explore the development and deployment of Level 4 autonomous vehicles for commercial operations across Europe, marking a significant step to bring driverless mobility to the continent's streets.
The 2025 Annual General Meeting (AGM) of the National Association of Automotive Component and Allied Manufacturers (NAACAM) was held as an elective meeting, allowing members to vote for representatives to the National Executive Committee (NEC) and Regional Committees. This process ensures that NAACAM’s leadership continues to reflect the expertise, experience and regional diversity of its membership.
Nissan Motor Co, Ltd and Wayve have announced definitive agreements to collaborate on integrating next-generation ProPILOT technology with Wayve's artificial intelligence software across a broad range of Nissan vehicles.
